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Classified in: Transportation
Subject: MRR

Electric Vehicle Traction Motors Market to Reach $137.85 Billion by 2030, Propelled by Rising Demand and Technological Advancements

DUBLIN, March 1, 2024 /PRNewswire/ -- The "Electric Vehicle Traction Motors Market by Type (PMSM, Induction Motor, BLDC), Power Output (Less than 100 kW, 100 kW to 250 kW, More Than 250kW), Propulsion Type, Application, and Geography - Global Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

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The analysis report on the global electric vehicle traction motors market emphasizes significant growth, projecting a comprehensive valuation of $137.85 billion by the year 2030. With a robust compound annual growth rate (CAGR) of 25.5% from 2023 to 2030, the industry is set to experience a substantial upsurge, attributed to the escalating demand for high-performance motors, stringent emission regulations, and extensive governmental support.

In terms of volume, the market is forecasted to attain a staggering figure of 412.29 million units by 2030, escalating at a CAGR of 20.7% within the same period. Electric vehicle (EV) traction motors, integral to the propulsion system of EVs, are gaining traction due to the increasing emphasis on electrification of transport to mitigate carbon emissions and the corresponding rise in electric vehicle sales.

Induction Motors Segment to Exhibit Highest CAGR

Dissecting the market by type, induction motors are predicted to outpace other segments, noting the highest CAGR throughout the forecasted span. Continuous research and development efforts to enhance motor efficiency, alongside the collaboration between manufacturers and EV producers to tailor motor designs for specific vehicular applications, signify this growth.

Sub-100 kW Traction Motors Augmenting Market Expansion

When categorized based on power output, electric vehicle traction motors with less than 100 kW are envisaged to proliferate rapidly, particularly due to their extensive deployment in compact vehicles, eco-scooters, and bikes, in response to the increasing appeal of e-mobility driven by both ecological benefits and governmental incentives.

Battery Electric Vehicles to Surpass Hybrid Electric Vehicles in Growth

The potency of battery electric vehicles (BEVs) comes to the forefront in terms of propulsion type, with expectancies of exhibiting the highest CAGR. Advantages such as zero tailpipe emissions, superior energy efficiency, low maintenance requisites, and optimal energy usage underscore the ascendancy of BEVs in the electric vehicle traction motors market.

Europe Leading the Charge in Market Growth

Geographically, Europe is slated to witness the most robust growth between 2023 and 2030. A pioneering stance in EV adoption and stringent legislative goals for reducing greenhouse emissions substantiate the region's market proliferation, augmented by supportive legislative frameworks including incentives to stimulate consumer transition to electric mobility.

The comprehensive global electric vehicle traction motors market report delves into detailed segmentation, encompassing various propulsion types, applications, and regional dynamics, providing stakeholders with substantial information to navigate through the evolving landscape.

As the market players align their strategic pursuits in tandem with market dynamics, recent developments such as advanced motor control algorithms and efforts to minimize motor overheating are poised to influence overall growth. The report is a quintessential resource for comprehending market trends, drivers, and competitive analysis.

Key Questions Answered in the Report:

Factors Affecting Market Growth

Company Profiles

Competition Analysis

Scope of the Report

Electric Vehicle Traction Motors Market Assessment - by Type

Electric Vehicle Traction Motors Market Assessment - by Power Output

Electric Vehicle Traction Motors Market Assessment - by Propulsion Type

Electric Vehicle Traction Motors Market Assessment - by Application

Electric Vehicle Traction Motors Market Assessment - by Geography

For more information about this report visit https://www.researchandmarkets.com/r/d17t0f

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